Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $132,674
- Funds due
- $143,824
- Interest + MI left
- $107,779
- First ends
- Apr 2052
Assumption
Assumption + second
$2,328/mo
+$764/mo- Down payment
- $37,674
- Funds due
- $50,285
- Interest + MI left
- $287,960
- First ends
- Apr 2052
New loan
New conventional
$2,765/mo
+$1,201/mo- Down payment
- $37,674
- Funds due
- $46,855
- Interest + MI left
- $493,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,326 | $242,326 | $337,326 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,151.66 | $1,151.66 | $2,285.16 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $67.47 |
| Taxes, insurance & HOA | $412.00 | $412.00 | $412.00 |
| Total housing payment | $1,563.66 | $2,328.05 | $2,764.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,674
Closing costs & prepaids$12,612
Usable credit−$0
Total buyer cash needed$50,285
Earnest money paid−$0
Remaining funds due$50,285
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,211.63
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$450.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$185.23
Prepaid interest, second (9 days)$210.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 4 moOf the original 30-year loan at 3.1%
Interest already paid$37,120Through Dec 2026
Assumption only · ends Apr 2052$107,779
Assumption + second · ends Apr 2052, second Jan 2057$287,960
New conventional · ends Jan 2057$493,226